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Equity Incentive Plan (Tables)
12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Assumptions Used in Estimating Fair Value of Derivative Liability The weighted average fair value and assumptions used to value the pRSU awards granted with market-based performance conditions are as follows:

 

 

Year Ended

 

 

 

December 31, 2022

 

 

December 31, 2021

 

Performance share fair value

 

$

6.74

 

 

$

8.20

 

Risk-free interest rate

 

 

1.74

%

 

 

0.27

%

Expected volatility

 

 

30.48

%

 

 

25.71

%

Expected life (in years)

 

 

2.85

 

 

 

2.77

 

Expected dividend yield

 

 

9.82

%

 

 

8.13

%

Summary of Activity Related to Restricted Stock

The following tables summarize the activity related to RSUs and pRSUs during 2022:

 

 

 

Shares

 

 

Weighted Average Grant Date Fair Market Value

 

Unvested RSUs outstanding as of December 31, 2020

 

 

434,143

 

 

 

 

Granted

 

 

295,063

 

 

$

10.08

 

Vested

 

 

(231,053

)

 

$

10.61

 

Forfeited

 

 

(13,837

)

 

$

10.58

 

Unvested RSUs outstanding as of December 31, 2021

 

 

484,316

 

 

 

 

Granted

 

 

750,038

 

 

$

6.02

 

Vested

 

 

(285,853

)

 

$

10.01

 

Forfeited

 

 

(200,589

)

 

$

7.31

 

Unvested RSUs outstanding as of December 31, 2022

 

 

747,912

 

 

 

 

 

 

 

Shares

 

 

Weighted Average Grant Date Fair Market Value

 

Unvested pRSUs outstanding as of December 31, 2020

 

 

 

 

 

 

Granted

 

 

113,958

 

 

$

8.20

 

Unvested pRSUs outstanding as of December 31, 2021

 

 

113,958

 

 

 

 

Granted

 

 

276,679

 

 

$

6.74

 

Forfeited

 

 

(182,976

)

 

$

7.07

 

Unvested pRSUs outstanding as of December 31, 2022

 

 

207,661